IOT IN TRANSPORTATION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America dominates the global IoT in transportation market with an estimated market share of 37.4% in 2024. With strong economic conditions and high expenditure on transportation infrastructure modernization, transportation agencies in the U.S. and Canada are at the forefront of adopting innovative IoT technologies. The presence of influential technology players and automakers has created a thriving ecosystem for IoT innovation in transportation sector in North America. The open approach to public-private partnerships has accelerated the commercialization of emerging solutions. Thus, North America accounted for over 30% of the global IoT spending in transportation.

Asia Pacific region has emerged as the fastest growing market for IoT in transportation. Rapid urbanization and economic growth boosted the need for smarter transportation systems. Modernizing existing infrastructure as well as building new smart cities across developing nations drives significant investments. Countries like China, India, and Japan are aggressively focusing on technologies such as smart traffic management, EV charging networks, and predictive maintenance to support their smart mobility goals. Local IoT providers as well as global tech giants have ramped up their presence in the region to tap into this growing demand. Favorable government initiatives and funding towards smart city projects also boost adoption of IoT platforms. While pricing may be higher as compared to developed markets currently, the massive scale provides attractive volumes for IoT solution providers targeting the Asia Pacific region.